Goldman Sachs Maintains Buy on Apple after WWDC 2012

Goldman Sachs has published a research report on Apple AAPL, noting that Siri would now be available on the new iPad. In the report, Goldman Sachs writes, "Most notably, Apple announced that Siri will now be available on the new iPad, which we believe should add to the momentum we expect for the device as it continues to ramp this quarter. The company also announced that FaceTime will be able to run over a cellular connection and not just over Wi-Fi. We expect this to strengthen Apple's platform for customers and to further separate Apple from its major competitors in the smartphone and tablet markets. Meanwhile, Apple also introduced a new Apple-developed Maps app, with turn-by-turn navigation. While we had been skeptical of Apple's need to develop its own maps program, we believe the planned integration with Siri and the company's increasingly competitive relationship with Google may have been key reasons for the move." Goldman Sachs maintains its Buy rating and $850 price target on Apple, which is currently trading up $1.52 from yesterday's $571.17 closing price.